Best Cheap Car Insurance Companies 2019 - Bankrate.com

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If you’re searching for “cheap car insurance near me”, the search results can be overwhelming. Many companies claim they have the cheapest car insurance but which ones deliver on their promise?
Car insurance rates depend on many factors:

• Credit History
• Driver age
• Driving record
• Location
• Occupation
• Vehicle value and type

Some of the best low cost auto insurance companies are also the largest ones. They usually have a variety of insurance offers to meet your needs. Most offer auto insurance discounts that help you save even more money. Here’s a look at some of the top companies:
Allstate is the nation’s fourth-largest car insurance company. They’ve been in business since 1931 and have an AM credit rating of A+ (Superior), which according to the agency means Allstate has, “a superior ability to meet their ongoing insurance obligations.”
Their policies are available in all U.S. states through their easy to navigate website, mobile app or authorized agents.

Allstate specials

Signing up for Allstate’s Safe Driving Bonus program and staying accident-free means you’ll get a check every six months without an accident. You also get $100 off your collision insurance deductible when you sign up, plus $100 every year you drive without an accident, up to $500.

Allstate offers discounts for:

• Anti-theft devices
• Good drivers
• Good students
• Multiple policies
• Prepayment
• Vehicle safety equipment

Geico was founded in 1936 to insure government workers and is now the second-largest auto insurer in the U.S. Geico has an AM Best rating of an A++ (Superior) insurer.
The company focuses on servicing customers through its website and top-rated insurance app. The mobile app makes it easy to ask questions to a virtual assistant, call roadside assistance, pay bills and download documents. By going virtual and cutting out insurance agents and offices, Geico keeps their car insurance pricing competitively low.

Geico specials

Geico is one of the few to offer Rideshare Insurance in select states for Uber and Lyft drivers. Purchasing Accident Forgiveness coverage keeps your rate from going up if you’ve had one at-fault accident.

Geico offers discounts for:

• Anti-theft devices
• Good drivers
• Good students
• Military
• Multiple policies
• Prepayment
• Vehicle safety equipment

Founded in 1936, Progressive is the third-largest insurance company in the U.S. and has earned an AM Best credit rating of A+ (Superior)
The company focuses on low cost auto insurance and has many coverage options, even for drivers with a low credit score or previous accidents and traffic violations. They are one of the few insurers to offer “gap insurance” to cover a new car’s depreciation.

Progressive specials

Progressive is known for its Name Your Price tool where you can build a custom policy designed to meet your coverage needs and budget. If you have collision coverage, Progressive will even cover veterinary expenses if your pet is injured in a car crash.

Progressive offers discounts for:

• Good drivers
• Multiple policies
• Prepayment

State Farm was founded in 1922 and is the country’s largest insurance company. It has an A++ (Superior) credit rating from AM Best.
State Farm focuses on value over lowest price. Customer service is excellent and the company offers many insurance products as well as financial services like bank accounts, credit cards and home loans, for one-stop shopping.

State Farm specials

Like Geico, State Farm has Rideshare Insurance available in select states for Uber and Lyft drivers.

State Farm offers discounts for:

• Good drivers
• Good students
• Multiple policies
• Vehicle safety equipment

Here’s a price comparison for “cheap car insurance near me” of the top four low cost auto insurance companies

Average Annual Premium	Allstate	GEICO	Progressive	State Farm
Good driver	$1,723	$1,352	$1,346	$1,089
Student driver	$1,966	$1,528	$1,632	$1,266
Driver with previous at-fault accidents	$3,220	$2,084	$2,903	$1,806

Is the cheapest auto insurance the best?

Although price is an important factor, what you get for the premium is just as important.
Sometimes low cost auto insurance may come with limitations or conditions that may cost you in the long run, like liability coverage with a very high deductible ($1,500 for example). If you get into an accident, you’ll have to pay the first $1,500 of damages before your insurance kicks in.
Another pitfall to look for when searching for low cost auto insurance is coverage with low limits. For example, property damage liability insurance with a $10,000 deductible is probably cheap, but if you’re in an accident with moderate damages to another vehicle, you would be responsible for repairs over the $10,000 coverage, out-of-pocket.

Frequently Asked Questions

How can I save on car insurance?
To save on your car insurance, get quotes from several insurers to compare. Take advantage of discounts like automatic payments, or vehicle safety equipment discounts. Choose a higher deductible to drop your premium price down.
Is the minimum required insurance in my state enough coverage?
In many cases, having the minimum required by your state may be legal but would not cover you completely in a serious accident. The minimum limit for damages could leave you personally responsible for any expenses above the insurance limit. If you own your home, have investments or other assets, protect them by raising your auto insurance coverage limits.
Pricing methodology: To compare prices between car insurance companies, we created a user profile consisting of a 34-year-old single male (except for the student profile) driving a 2015 Toyota Corolla, employed full time, electing paperless billing and monthly automatic payments. We entered several ZIP codes nationwide and averaged the annual premium amounts.

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